Forex Technical Analysis on Majors

• EUR/USD

Current level-1.2879

EUR/USD is in а downtrend, after finalizing the rebound from 1.3882 (Sept. 11 2008) at 1.3882. Technical indicators are falling, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4595 and 1.5183.
  
 
After yesterday's break below the weekly low at 1.3261, the downtrend accelerated, fullfilling our target at 1.2993 and reaching local bottom at 1.2731. We believe, that only a corrective phase is unfolding from 1.2731, preceeding another leg downwards, to 1.2484. Intraday resistance comes at 1.2992 and on the major frames important is 1.3261. Expect current consolidation to be limited below 1.2992, before renewing the sell-off to 1.2731, en route to 1.2484.

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• USD/JPY

Current level - 99.54

The pair is in the second part of the broad consolidation since 95.75 short-term bottom, aiming at 97.63. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76.  

Last week's low at 97.83 was confirmed to be the final of the slide from 107.01, so we will expect further upward activity, towards 103.55 resistance zone. There is still not a clear signal, that the corrective phase above 97.83 is already over, so one more spike high to 103.55 resistance zone can not yet be ruled out. 101.41 is crucial for the current downtrend from 102.42.

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• GBP/USD

Current level- 1.6396

The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.70+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421.
 

The sharp sell-off from yesterday's peak at 1.7194 bottomed at 1.6204, but only a brief consolidation is to be expected above these levels, before next leg downwards to 1.5846. The overall downtrend from 2.0153 is in its most powerfull part, so we will expect current rebound to be limited below 1.6492, followed by another strong downmove to 1.5846, en route to 1.55+.